monopoly etymology

Etymology and Meaning

The word "monopoly" is derived from two Greek words:

• Mono: meaning "one" or "single"
• Polein: meaning "to sell"

Origin

The concept of a monopoly has existed since ancient times. However, the term "monopoly" was first used in its modern sense in the 16th century.

Meanings

In economics, a monopoly refers to:

• A market structure where a single firm has complete control over the supply of a good or service.
• A situation where there is no competition and consumers have no other options to choose from.

Characteristics of a Monopoly

• Single seller: One firm controls the entire market for a particular good or service.
• High barriers to entry: Competitors face significant obstacles entering the market, such as high start-up costs, government regulations, or patents.
• Price-making power: The monopoly can set prices without much concern for competition.
• Lack of substitutes: Consumers have no viable alternatives to the monopoly's product or service.

Types of Monopolies

• Natural monopolies: Occur when a single firm can produce a good or service more efficiently than multiple firms.
• Government-granted monopolies: Created when the government grants a firm exclusive rights to produce or sell a particular good or service.
• Technological monopolies: Arise when a firm holds exclusive control over a technology or patent.

monopoly relate terms

• monopolist

  Etymology monopoly noun from Greek mono single polein to sell mono

• monopoly

  Etymology and Meaning The word monopoly is derived from two Greek words Mono meanin

• monopolistic

  Etymology The word monopolistic is derived from the Greek words mono μόνο me

• monopoly

  Etymology and Meaning The word monopoly is derived from two Greek words Mono meanin

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